Discussion · Government Orders
Kody Blois Liberal
“Canada has the best financial position in the G7. The other member talks about how much our debt costs, but he ignores that our economy grew at the same time. We still need to be careful with spending, but our finances are in good shape.”
“Mr. Speaker, first of all, with regard to the household analogy, what that member fails to recognize is that if he is concerned about the overall debt as a proportion of the size of our house, he should take a look across the street and in the neighbourhood and realize that, actually, we are in one of the best positions. That does not mean that we still do not have work to do, but nowhere in his public commentary that I have heard in the House today does he recognize that Canada actually has the strongest fiscal position within the G7. If he would like to highlight that we should take that barometer out wider and look at the G20 or other comparable countries, I think that is a fair question to raise, but when he talks about debt servicing charges going from $24 billion to over $50 billion, what he is failing to recognize is that the size of the economy also grew at the same time. When we deal in nominal numbers, it can feel like a very big number to the average Canadian. Again, I am not trying to shed the responsibility. The government has to be careful and thoughtful on this question. In the context of his framing, he does not highlight the fact that the overall economy has grown to such a size that Canada’s fiscal position remains sustainable.”
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Mr. Speaker, first of all, with regard to the household analogy, what that member fails to recognize is that if he is concerned about the overall debt as a proportion of the size of our house, he should take a look across the street and in the neighbourhood and realize that, actually, we are in one of the best positions. That does not mean that we still do not have work to do, but nowhere in his public commentary that I have heard in the House today does he recognize that Canada actually has the strongest fiscal position within the G7. If he would like to highlight that we should take that barometer out wider and look at the G20 or other comparable countries, I think that is a fair question to raise, but when he talks about debt servicing charges going from $24 billion to over $50 billion, what he is failing to recognize is that the size of the economy also grew at the same time. When we deal in nominal numbers, it can feel like a very big number to the average Canadian. Again, I am not trying to shed the responsibility. The government has to be careful and thoughtful on this question. In the context of his framing, he does not highlight the fact that the overall economy has grown to such a size that Canada’s fiscal position remains sustainable.